If I take about 2 months to visit properties and have inspections done, how long will it take for everything else related to buying a home? I am looking at homes/condos in the range of 35,000 to 65,000 in a mid size city. How much time would be saved by being preapproved for a loan? I am looking to move in late summer or early fall.
2007-02-13 05:04:50 · 9 answers · asked by Somegirl34 1 in Business & Finance ➔ Renting & Real Estate
You can save a lot of time and potentially a lot of grief by getting pre-approved for a loan. Not "pre-qualified." That's a lot of hooey, you aren't really approved for a loan and it means nothing.
Getting pre-approved means that a lender has granted you a loan on specific terms, up to a specific amount, contingent on the home you bid on being appraised correctly and having no problems. If you get pre-approved, you know what the maximum you can pay is and you won't find yourself turned down at the last moment or facing other problems. Plus it gives you leverage over other potential buyers: the home seller knows you can qualify, and that can be a powerful lever to have if there are other bidders on the home you want.
If you get pre-qualified, you can also have time to deal with any problems, errors or inaccuracies on your credit report ahead of time. When we bought our house, we didn't know that there were inaccuracies on the credit report relating to a student loan that had been payed off 4 years earlier and a credit card we'd had 6 years earlier for a company that no longer existed. We found that out when we applied for a loan and started getting turned down. We didn't know what was going on until one of the lenders told us, and then we had to work like crazy to get the errors corrected in order to get the loan. It was an ordeal.
Generally, after you bid on a home and your bid is accepted (the process can take a week or two, depending on how hot the market is and how much negotiation offer/counteroffer is involved), if you have already qualified for a loan, you should expect an escrow period of about 30 days, although this period can be shortened if the home inspection shows no problems, there are no contingencies to your offer, the appraisal comes through all right, there are no liens or other problems with the seller's title, and the seller is motivated to move out.
Good luck!
2007-02-13 05:20:26 · answer #1 · answered by Karin C 6 · 1⤊ 0⤋
Getting pre-approved for the loan is helpful because it will give you a general idea of what you can afford. It eliminates all properties that are "out of range" for your situation. Once you have found the property you're interested in, realistically it could take as little as 30 days to close with everything and have the key. It all depends on how fast you want to move. Keep in mind, by working with your loan agent, choosing the right closing date could save you some money.
2007-02-13 05:23:27 · answer #2 · answered by Robbyz3 2 · 0⤊ 0⤋
It all depends on you. It can take 6 months or 6 days.
For the average couple my guess is that the entire process from the time you know which house you want to move in date would be around 1-2 months.
Do you have your down payment ready?
How hard are you going to barter with the seller?
Do you have a lawyer/ or someone else who can help you with the closing aspects?
Do you have a potential co-singer if things fall through?
If you said yes to all of these you can breeze through it. Alot of it is just going to come down to how prepared you are. Pre approval can help sometimes, but not always.
2007-02-13 05:11:01 · answer #3 · answered by Anonymous · 1⤊ 0⤋
My 1st home took me 1 1/2 months...my 2nd home took a month...
1st get pre-approved so you know exactly what you can afford which will help you in your research of a place when the time comes.
It take 1-2 months for the entire process, if you find something you like, make an offer, have the offer excepted, financing, and closing......
Good luck
2007-02-13 05:21:33 · answer #4 · answered by James 3 · 0⤊ 0⤋
Normally about 4 to 5 months.
2014-02-28 17:41:00 · answer #5 · answered by Yahoouser 7 · 0⤊ 0⤋
Pre-approval is very important before making an offer. Most sellers want to see that a prospective buyer has a pre-approval and so do realtors so you are not wasting anyones time.
2007-02-13 06:13:16 · answer #6 · answered by KathyS 7 · 0⤊ 0⤋
After you purchase your home, you may be interested in this new program. It works well with a 30 year mortgage. I am currently using a HELOC with a new software program that helps build equity fast, and will payoff my home in less than half the time without refinancing, and without extra payments. It is saving me thousands in interest, and pays off home in less than half the years. E-mail me if interested
2007-02-13 08:35:18 · answer #7 · answered by marshae 1 · 0⤊ 1⤋
I would say about two months or less if every thing goes smooth so good luck
2007-02-13 09:21:21 · answer #8 · answered by pattibcacl 6 · 0⤊ 0⤋
once you have selected the property, it takes about 45 to 60 days to
close.......
2007-02-13 05:18:58 · answer #9 · answered by Anonymous · 0⤊ 0⤋